S. 654 — A bill to amend the Internal Revenue Code of 1954 to treat deductions for research and experimental expenses attributable to activities conducted in the United States as allocable to income from sources within the United States.

Summary

Amends the Internal Revenue Code to permit U.S. businesses with operations in foreign countries to treat all of their domestic research and experimental expenses as deductions against U.S. source income. (Current IRS regulations require the allocation of a portion of such expenses against foreign source income.)

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Legislative Actions

1983-03-02
Introduced in Senate
1983-03-02
Read twice and referred to the Committee on Finance.
1983-03-07
Committee on Finance requested executive comment from OMB, Treasury Department.
1983-06-17
Subcommittee on Energy and Agricultural Taxation. Hearings held.
1983-06-17
Subcommittee on Taxation and Debt Management. Hearings held. Hearings printed: S.Hrg. 98-344.

A bill to amend the Internal Revenue Code of 1954 to treat deductions for research and experimental expenses attributable to activities conducted in the United States as allocable to income from sources within the United States.

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